Great Quest Metals Ltd

Published : July 10th, 2009

Reactivates the Baoule River Gold Concession

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Keywords :   Canada | Gold | Gold Mine | Mali |

    GREAT QUEST

          METALS LTD.

 

 

Suite 515, 475 Howe Street

Vancouver, BC, Canada  V6C 2B3

Tel:   604-689-2882       Website:  www.greatquest.com

Fax:  604-684-5854         Email:  info@greatquest.com

 

July 8, 2009

 

Great Quest Reactivates the

Baoule River Gold Concession

 

VANCOUVER, BC -- Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce the granting of permits, the renewal of an agreement and results of an exploration program on the 207 sq km Baoule River gold concession in southwestern Mali, West Africa.

 

Under the terms of a renewal agreement on the Baoule River concession, Great Quest has the exclusive option of earning a 95% interest, subject to a 1% royalty, by paying approximately $100,000 over a period of four and one half years.  All permits necessary for exploration and drilling on the concession have been granted by the Malian Government.

 

In 2008, a program of silt sampling, soil sampling of termite mounds and trenching was carried out by Newmont Mining Corporation, through CCM, a consultancy firm in Mali, under an agreement, now terminated, with the owner.  The results of that work outlined four target areas anomalous in gold, of which only one target area was drilled.  Target A was drilled by a RAB drill along northeasterly lines approximately 700 metres apart.  Significant intersections of gold were reported from 3 holes as follows:

Hole Number

Interval (metres)

Width (metres)

Grams per Tonne (gold)

GBAC 003

29 ? 37

8

0.99

GBAC 007

10 ? 18

8

1.24

     Including

10 ? 14

4

1.92

GBAC 010

32 ? 36

4

1.43

 

55 ? 63

8

1.07

 

79 ? 87

8

0.80

     Including

83 ? 87

4

1.07

 

Holes GBAC 007 and 010 are 237 metres apart on the same northeasterly trending line.  Two holes were drilled between them.  From 007 it is 126 m northeast to 008, then 38 m to 009 and 73 m to 010.  Hole GBAC 009 intersected anomalous gold.  Hole GBAC 003 is 760 m southeast of GBAC 010 on an adjacent line.  The gold mineralization is found in silt, sandstone and schist.  The Newmont program was supervised and the report written by Fidele K. Kakou, Senior Geologist.

. .. /2


Great Quest Metals Ltd.

July 8, 2009

Page Two

 

 

 

 

The nearest mine to the Baoule River concession is the Kalana Gold Mine, 44 km to the northwest, held by Avnel Gold Mining Ltd.  The December, 2006 resource estimate for the Kalana Mine showed a total measured and indicated resource of 981,000 ounces of gold at an average of 10.2 grams per tonne as well as a total inferred resource of 257,000 tonnes at 3.52 grams per tonne.  The geology of the Kalana Mine consists of gold occurring mainly in flat-dipping quartz veins, but also in quartz stockworks, in metasediments adjacent to a diorite stock.

 

The gold intersected in metasediments on the Baoule River concession during the 2008 program in all likelihood indicates the presence of a nearby intrusive of diorite or of similar rock type.  The initial objective of the next Great Quest program will be to locate the source of the mineralization, possibly a diorite intrusive, as a possible drill target and to drill for gold mineralization around it.  At that point Great Quest will go ahead with a drill program or bring in a joint venture partner.

 

Great Quest management is currently in discussions with parties on three other properties in an attempt to generate more exploration activity in a very difficult environment for financing exploration companies.

 

ON BEHALF OF THE BOARD OF DIRECTORS

OF GREAT QUEST METALS LTD.

 

?Willis W. Osborne?

Willis W. Osborne

President

<
Data and Statistics for these countries : Canada | Mali | All
Gold and Silver Prices for these countries : Canada | Mali | All

Great Quest Metals Ltd

EXPLORATION STAGE
CODE : GQ.V
ISIN : CA3909121038
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Great Quest Metals is a gold and copper development stage company based in Canada.

Great Quest Metals holds various exploration projects in Mali.

Its main exploration properties are KENIETI, BOURDALA, KENIEBA, TIN HINA and SANOULOU in Mali and TASEKO in Canada.

Great Quest Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 537 200 as of today (US$ 429 519, € 407 640).

Its stock quote reached its highest recent level on May 27, 2011 at CA$ 4.88, and its lowest recent point on August 11, 2023 at CA$ 0.01.

Great Quest Metals has 53 720 000 shares outstanding.

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Financings of Great Quest Metals Ltd
5/24/2013Announces Private Placement
9/14/2012Agrees to a Private Placement of $1=2C152=2C850
1/1/2009Announces $120,000 Private Placement
7/9/2008AGM and Private Placement Closes
Option Grants of Great Quest Metals Ltd
11/25/2009Grant of Stock Options
12/30/2008Grant of New Stock Options, Cancellation and Re-Issuance of ...
Nominations of Great Quest Metals Ltd
8/13/2013Appoints Abdoulaye Pona to the Board of Its Mali Subsidiary
5/13/2013Announces AGM Results-Appoints Jed Richardson CEO
7/23/2010Appointment of New Director Signals Focus on Malian Phosphat...
4/8/2010Appoints New Director and Grants Options
Project news of Great Quest Metals Ltd
3/25/2011(Sanoulou)Mobilizes for Gold Drilling
2/21/2011Remote Sensing Identifies Phosphate Targets
6/3/2010(Kenieba)Sampling Program Identifies Gold in Over 8 Albitite Dykes on...
4/21/2010(Kenieba)Defines Gold Soil Anomaly on Dabia Ouest Concession
6/5/2009(Tilemsi Phsophate)Update on Tilemsi Phosphate Project
12/24/2008(Tilemsi Phsophate)Granted Extension to January 31, 2009 on the Exercise of Til...
11/24/2008(Tilemsi Phsophate)Receives Further Approvals for Tilemsi Phosphate Project
9/10/2008(Taseko)Announces Results of the 2008 Drill Program on the Taseko Pr...
7/2/2008(Taseko)2008 Drill Program on the Taseko Property to Start by July 7...
6/4/2008(Taseko)Start Drill Program on Taseko Property in early July
Corporate news of Great Quest Metals Ltd
11/4/2015Tests Conclude the GQ Blends Are a Recommended Replacement f...
10/1/2015Nevada Sunrise Appoints David Shaw to Advisory Board
9/17/2015Preparation Laboratory: On Time, On Budget
9/8/2015Great Quest Announces $200,000 Private Placement
6/22/2015Great Quest Announces AGM Results
3/2/2015Great Quest Clarifies Its Technical Disclosure, and Northern...
2/3/2015Great Quest Files Updated PEA for Multi-Phased Phosphate Pro...
9/22/2014IIROC Trading Resumption - GQ
9/19/2014IIROC Trading Halt - GQ
7/23/2014Great Quest Announces a New Partnership With the Aga Khan De...
3/26/2014Tilemsi Bulk Samples Average Above 24% Drilled Inferred Reso...
9/30/2013.: Sanoukou Gold Program Reports Chip Samples of Up to 24.9 ...
9/18/2013to Resume Exploration Program at the Tilemsi Phosphate Proje...
6/20/2013Congratulates Mali on the 'Historic' Kidal Agreement
4/29/2013Corporate Update-Pursuing Routes to Restoring Value
3/18/2013Adopts Advance Notice Policy for Future Shareholder Meetings
2/7/2013Files PEA and Confirms Robust Economic Results on Tilemsi Ph...
1/22/2013Granted Permit for Aderfoul Concession, Tilemsi Phosphate Pr...
1/16/2013Comments on Market Activity and Provides Corporate Update
10/10/2012Grants Stock Options
9/17/2012Completes $1=2C152=2C850 Private Placement and Appoints Inve...
7/9/2012=2D News Alert
5/29/2012Alert
3/7/2012- news release
6/13/2011. Announces Results of Annual General Meeting
6/2/2011Accelerates Phosphate Exploration
5/11/2011.: Tilemsi Phosphate Drilling Commences
3/8/2011Initiates Phosphate Studies
2/22/2011Receives Escrowed Shares
2/18/2011.: Arrete de la Miniere Permits Received for the Tilemsi Pho...
2/16/2011Retransmission-Great Quest Metals Ltd.: Remote Sensing Ident...
7/29/2010Sanoukou Gold Concession Advanced to Drill-Ready Status
7/8/2010Phosphate Advisory Committee Appointed for Mali Phosphate Pr...
6/23/2010Expands Phosphate Concession Areas in Mali to 737 sq km
6/9/2010Reports on its Annual General Meeting
4/13/2010Acquires the Sanoukou Gold Concession in Western Mali
1/18/2010Acquires Option on Concession in Prolific West Mali Gold Bel...
1/9/2010Completes Sale of Kenieba Concessions for Cash and Shares of...
9/3/2009Reports Area of Tin Hina Concession Increased from 230 to 41...
7/10/2009Reactivates the Baoule River Gold Concession
12/4/2008Amends Warrant Terms
11/3/2008is Granted the Right to Acquire a Majority Interest in the T...
11/8/2007 Completes Sale of Convertible Debenture
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